Ethereum whales accumulate $600M in ETH; Is the green still an anomaly?

March 15, 2023

By Victor Olanrewaju

Read Ethereum’s [ETH] Price Prediction 2023-2024

• Whales added 400,000 ETH despite a recent price increment

• More ETH is being circulated although the current vault could be overpriced

Like a ton of assets in the crypto-market, Ethereum’s [ETH] price jumped over the weekend. Even at press time, the second-largest cryptocurrency in market value maintained a 5.11% hike in the last 24 hours. Needless to say, this has brought some calm to the market. Especially since much of it was flashing red over the weekend. 

However, despite the gains registered on the charts, whales did not seem to be content. As pointed out by Ali_charts, a crypto-analyst on Twitter, addresses holding 1000 to 10000 ETH added $600 million to their holdings.

The information, derived from Glassnode, revealed that the whales took the action when ETH was still hovering above $1,680 on the charts. 

On the opposite side of ETH

So, does the accumulation mean ETH still has a tendency to climb further? Well, according to Glassnode, the Network Value to Transaction (NVT) signal had a reading of 98.45, at press time. The metric often reflects the 90-day moving average trend of the daily transaction volume, rather than a day-to-day valuation. 

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